Sam Bankman-Fried

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Sam Bankman-Fried
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Occupation Former CEO and founder
Employer FTX
Location Bahamas
Twitter @https://twitter.com/SBF_FTX
LinkedIn Profile
Website https://ftx.com/

Samuel Bankman-Fried is an entrepreneur and crypto exchange executive who is the founder and former CEO of the bankrupt cryptocurrency derivatives trading platform FTX. He is also the founder of Alameda Research, a quantitative cryptocurrency trading firm and liquidity provider. In late 2022, FTX experienced a crisis that led to a collapse in FTX's native cryptocurrency FTT. During the crisis, Bankman-Fried announced that he would close operations at Alameda Research and resigned as CEO of FTX, which filed for bankruptcy.[1]

Known as SBF, Bankman-Fried was one of the richest people in crypto, with a net worth at its peak of an estimated $26.5 billion. Most of his wealth, which he has said he would eventually donate to charity, was tied up in ownership of about half of FTX and a share of its FTT tokens.[2]

FTX spent about $1 billion on acquisitions and, according to Bankman-Fried, planned more mergers and acquisitions. FTX reportedly may also have been interested in payments businesses, non-fungible token (NFT) firms, and the metaverse.[3]

The U.S. filed criminal charges against Bankman-Fried in December 2022, and the Royal Bahamas Police arrested him, after FTX collapsed and declared bankruptcy in November. The SEC charged him with misusing customer funds deposited with FTX to pay Alameda Research.[4]

Background[edit]

Bankman-Fried managed $2.5 billion of assets through Alameda Research, according to Forbes. Alameda Research is the quantitative crypto trading firm he founded in 2017. A former Wall Street ETF trader, he also launched FTX, the now defunct crypto derivatives exchange, in 2019. Before that, he was a trader at Jane Street, a quantitative trading firm and liquidity provider. [5]

He launched Alameda Research in Hong Kong and helped in the creation of crypto coin Serum, aka SRM.[6]

Before creating Alameda Research, Bankman-Fried was hired by the Oxford-based Centre for Effective Altruism as the director of development. [7]

Education[edit]

Bankman-Fried attended the Massachusetts Institute of Technology, where he majored in physics, minored in mathematics and graduated with a degree in 2014. [8]

Testimony[edit]

  • U.S. Senate Committee on Agriculture, Nutrition and Forestry[9]
  • U.S. House of Representatives Committee on Financial Services[10]

References[edit]

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